The KUIK Morning Market Report for Monday, February 1:
Markets are down.
Index Direction Change Units Time
Dow Down (138) points 16,328 6:59 AM
S&P500 Down -0.8% percent 1,925
Nasdaq Composite Down -0.7% percent 4,581
30 Year Treasury Unchanged – Basis Points 2.76 Annual Yield
China’s statistics bureau reported today that the official manufacturing purchasing managers index fell to 49.4 in January from 49.7 in December–the sixth consecutive month of contraction, and below the 49.6 expected by economists. The private Caixin manufacturing PMI edged up last month, to 48.4 from 48.2 in December, still contracting. “China’s economy still faces strong headwinds,” said Commerzbank AG economist Zhou Hao. “China still requires aggressive fiscal and monetary policy to counter the weakness.”
Crude oil is down on that news from China. March crude is off 3.1% to $32.54 a barrel on the New York Merc. Last week, prices rose on speculation Russia and Saudi Arabia were considering output cuts to support prices. OPEC officials denied those rumors and hopes for a supply cut sank further after Iran said it “won’t consider a cut” until its exports have increased by 1.5 million barrels a day over current levels of roughly 1.1 million barrels.
Serving the West Side first, I am Bill Roller of BR Capital for 1360 KUIK.
http://www.marketwatch.com/story/china-manufacturing-numbers-indicate-sluggishness-2016-01-31
http://www.marketwatch.com/story/oil-sags-on-china-data-production-cut-doubts-2016-02-01
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